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Yes, after many, many years, Capcom and Marvel have once again teamed up for a dream match of epic proportions.
New Game Play Mechanics

The new game sounds like a hybrid of Tatsunoko and MvC2. Here are the features so far:

- Uses an altered version of Tatsunoko's button layout, with Light, Medium, Hard, Exchange, and Partner buttons.
- Same assist system from MvsC2, but the character select now has descriptions of the assists.
- New Exchange button for Aerial Tag Combos
- A new “Baroque” type cancel mode dubbed X-Factor; increases damage and defense for a short while.
- New character roster probably totaling over 30 fighters
- Advancing Guard, DHC, Triple HC, Snap back, and Guard Tag (can't remember name) systems from TvsC and MvsC2 are back

The Exchange Button is now your all purpose launcher attack. It also knocks people out of the air during air combos.
Pressing Exchange and Down or Forward while during an air combo will call in your partner to continue with an Aerial Tag Combo.
If you can guess correctly which direction plus Exchange combination they push, you can interrupt their tag combo with one of your own.
This takes no super bar.

The X-Factor system allows you to mount comebacks. Right now, the X-Factor turns your characters health bars red and slowly drains. All of your characters seem to be under the effects of X-Factor. By pressing both partner buttons, you can activate the X-Factor, which increases your Offense and Defense abilities for a short time.
This also acts as a Roman Cancel type move, allowing you to stop whatever move you were doing and start up another. This allows you to combo two Hyper Combos together for awesome damage.

So far, no release date is set, but the game will be for X-Box 360 and Playstation 3.

They said about 1/3rd of the characters will be ones that weren't in MvC2, and that there are about 30 characters. That would make about 10 all-new characters, give or take a few, and we've seen 7 of those so far. At this point I'd expect the next several announcements to be mostly confirming returning characters.